Zeta Global Holdings Corp.
ZETA NYSE Services-Prepackaged Software Financials FY2019–FY2025
Revenue
Total sales reported in the income statement.
$1.3B
29.7%
vs prior year
Operating margin
Operating income as a share of revenue.
0.4%
7.2 pts
Net income
Profit after all expenses, interest and tax.
−$31.5M
Free cash flow
Cash from operations minus capital spending.
$185M
71.2%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
0.6%
11.2 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$0.01 EPS (TTM)
What Zeta Global Holdings Corp. does
No business description yet.
- Legal name
- Zeta Global Holdings Corp.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 25, 2026
- Accession · CIK
- 0001193125-26-068598
0001851003
Revenue and margins
Zeta Global Holdings Corp. had $1.3B of revenue in fiscal 2025, up 29.7% on the year before.
FY19
Revenue $306M
FY20
Revenue $368M
FY21
Revenue $458M
FY22
Revenue $591M
FY23
Revenue $729M
FY24
Revenue $1.0B
FY25
Revenue $1.3B
Q3 '23
Revenue $189M
Q4 '23
Revenue $210M
Q1 '24
Revenue $195M
Q2 '24
Revenue $228M
Q3 '24
Revenue $268M
Q4 '24
Revenue $315M
Q1 '25
Revenue $264M
Q2 '25
Revenue $308M
Q3 '25
Revenue $337M
Q4 '25
Revenue $395M
Q1 '26
Revenue $396M
Q2 '26
Revenue $443M
FY19
Gross 63.9%
Operating −5.7%
Net −12.6%
FCF 8.9%
FY20
Gross 59.6%
Operating −2.2%
Net −14.5%
FCF 9.0%
FY21
Gross 61.9%
Operating −54.2%
Net −54.4%
FCF 7.6%
FY22
Gross 63.5%
Operating −43.8%
Net −47.3%
FCF 9.5%
FY23
Gross 62.3%
Operating −23.0%
Net −25.7%
FCF 9.6%
FY24
Gross 60.3%
Operating −6.8%
Net −6.9%
FCF 10.8%
FY25
Gross 60.6%
Operating 0.4%
Net −2.4%
FCF 14.2%
Gross
Operating
Net
FCF
Q3 '23
Gross 61.1%
Operating −19.7%
Net −22.8%
FCF 8.9%
Q4 '23
Gross 59.8%
Operating −15.1%
Net −16.8%
FCF 10.2%
Q1 '24
Gross 60.6%
Operating −18.4%
Net −20.3%
FCF 9.7%
Q2 '24
Gross 60.0%
Operating −11.7%
Net −12.3%
FCF 10.7%
Q3 '24
Gross 60.6%
Operating −4.6%
Net −6.5%
FCF 11.0%
Q4 '24
Gross 60.0%
Operating 2.2%
Net 4.8%
FCF 11.3%
Q1 '25
Gross 60.9%
Operating −6.1%
Net −8.2%
FCF 12.1%
Q2 '25
Gross 62.1%
Operating −1.7%
Net −4.2%
FCF 12.9%
Q3 '25
Gross 60.5%
Operating 2.6%
Net −1.1%
FCF 15.6%
Q4 '25
Gross 59.5%
Operating 4.5%
Net 1.7%
FCF 15.4%
Q1 '26
Gross 59.0%
Operating −4.8%
Net −3.3%
FCF 11.8%
Q2 '26
Gross 59.1%
Operating 3.8%
Net 1.8%
FCF 14.5%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY19
Net income −$38.5M
FY20
Net income −$53.2M
FY21
Net income −$250M
FY22
Net income −$279M
FY23
Net income −$187M
FY24
Net income −$69.8M
FY25
Net income −$31.5M
Q3 '23
Net income −$43.1M
Q4 '23
Net income −$35.3M
Q1 '24
Net income −$39.6M
Q2 '24
Net income −$28.1M
Q3 '24
Net income −$17.4M
Q4 '24
Net income $15.2M
Q1 '25
Net income −$21.6M
Q2 '25
Net income −$12.8M
Q3 '25
Net income −$3.6M
Q4 '25
Net income $6.5M
Q1 '26
Net income −$13.2M
Q2 '26
Net income $8.2M
FY19
Diluted EPS −$1.77
FY20
Diluted EPS −$2.23
FY21
Diluted EPS −$2.95
FY22
Diluted EPS −$2.01
FY23
Diluted EPS −$1.20
FY24
Diluted EPS −$0.38
FY25
Diluted EPS −$0.14
Q3 '23
Diluted EPS −$0.27
Q4 '23
Diluted EPS −$0.21
Q1 '24
Diluted EPS −$0.23
Q2 '24
Diluted EPS −$0.16
Q3 '24
Diluted EPS −$0.09
Q4 '24
Diluted EPS $0.10
Q1 '25
Diluted EPS −$0.10
Q2 '25
Diluted EPS −$0.06
Q3 '25
Diluted EPS −$0.02
Q4 '25
Diluted EPS $0.04
Q1 '26
Diluted EPS −$0.06
Q2 '26
Diluted EPS $0.03
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY19
Return on capital —
Return on equity —
Return on assets —
FY20
Return on capital —
Return on equity —
Return on assets −18.6%
FY21
Return on capital −115.3%
Return on equity —
Return on assets −73.0%
FY22
Return on capital −107.2%
Return on equity −255.6%
Return on assets −64.7%
FY23
Return on capital −56.9%
Return on equity −121.5%
Return on assets −36.9%
FY24
Return on capital −10.6%
Return on equity −16.3%
Return on assets −8.4%
FY25
Return on capital 0.6%
Return on equity −4.3%
Return on assets −2.4%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $185M in fiscal 2025, 14.2% of revenue. Cash from operations minus capital spending.
FY19
Free cash flow $27.3M
FY20
Free cash flow $33.3M
FY21
Free cash flow $34.8M
FY22
Free cash flow $56.3M
FY23
Free cash flow $70.0M
FY24
Free cash flow $108M
FY25
Free cash flow $185M
Q3 '23
Free cash flow $16.9M
Q4 '23
Free cash flow $21.4M
Q1 '24
Free cash flow $18.9M
Q2 '24
Free cash flow $24.4M
Q3 '24
Free cash flow $29.5M
Q4 '24
Free cash flow $35.4M
Q1 '25
Free cash flow $32.1M
Q2 '25
Free cash flow $39.7M
Q3 '25
Free cash flow $52.4M
Q4 '25
Free cash flow $60.9M
Q1 '26
Free cash flow $46.7M
Q2 '26
Free cash flow $64.4M
FY19
Cash from operations $30.6M
Capital spending $3.3M
FY20
Cash from operations $35.5M
Capital spending $2.2M
FY21
Cash from operations $44.3M
Capital spending $9.5M
FY22
Cash from operations $78.5M
Capital spending $22.2M
FY23
Cash from operations $90.5M
Capital spending $20.5M
FY24
Cash from operations $134M
Capital spending $25.7M
FY25
Cash from operations $199M
Capital spending $13.8M
Cash from operations
Capital spending
Q3 '23
Cash from operations $22.8M
Capital spending $5.9M
Q4 '23
Cash from operations $27.0M
Capital spending $5.6M
Q1 '24
Cash from operations $24.7M
Capital spending $5.8M
Q2 '24
Cash from operations $31.1M
Capital spending $6.8M
Q3 '24
Cash from operations $34.4M
Capital spending $4.9M
Q4 '24
Cash from operations $43.7M
Capital spending $8.3M
Q1 '25
Cash from operations $34.8M
Capital spending $2.7M
Q2 '25
Cash from operations $42.0M
Capital spending $2.3M
Q3 '25
Cash from operations $57.9M
Capital spending $5.5M
Q4 '25
Cash from operations $64.1M
Capital spending $3.3M
Q1 '26
Cash from operations $49.7M
Capital spending $3.0M
Q2 '26
Cash from operations $69.2M
Capital spending $4.8M
Cash from operations
Capital spending
Dividends, buybacks and share count
Zeta Global Holdings Corp. returned — to shareholders in fiscal 2025. The diluted share count rose 18.7%.
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY19
Diluted shares 0.03B
FY20
Diluted shares 0.03B
FY21
Diluted shares 0.09B
FY22
Diluted shares 0.14B
FY23
Diluted shares 0.16B
FY24
Diluted shares 0.19B
FY25
Diluted shares 0.22B
Balance sheet
Cash, debt and the ratios that show how comfortably Zeta Global Holdings Corp. can carry it.
FY19
Cash $37.8M
Debt —
FY20
Cash $50.7M
Debt $190M
FY21
Cash $104M
Debt $184M
FY22
Cash $121M
Debt $184M
FY23
Cash $132M
Debt $184M
FY24
Cash $366M
Debt $196M
FY25
Cash $320M
Debt $197M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $104M | $121M | $132M | $366M | $320M |
| Debt incl. finance leases | $184M | $184M | $184M | $196M | $197M |
| Net debt / EBITDA | — | — | — | — | −1.6x |
| Debt / equity | 2.0x | 1.4x | 1.0x | 0.3x | 0.2x |
| Interest coverage | −35.3x | −35.5x | −15.3x | −9.5x | 14.5x |
| Current ratio | 1.9x | 1.8x | 1.8x | 3.1x | 1.6x |
| Quick ratio | 1.9x | 1.8x | 1.8x | 3.1x | 1.6x |
| Total assets | $397M | $467M | $551M | $1.1B | $1.5B |
| Total liabilities | $307M | $338M | $370M | $435M | $699M |
| Shareholders' equity | $90.5M | $128M | $181M | $677M | $805M |
| Net debt (− = net cash) | $79.8M | $62.8M | $52.4M | −$170M | −$123M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | — | ✕ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✓ | ✓ | ✓ | ✓ | ✓ |
| Current ratio rose | — | — | ✓ | ✕ | ✕ | ✓ | ✕ |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | ✕ | ✓ | ✓ | ✕ | ✕ | ✓ |
| Revenue rose relative to assets | — | — | ✕ | ✓ | ✓ | ✕ | ✕ |
| F-score | — / 3 | — / 5 | 5 / 9 | 6 / 9 | 5 / 9 | 5 / 9 | 5 / 9 |
| Accruals ratio | — | −31.0% | −86.0% | −82.8% | −54.7% | −24.5% | −17.6% |
| Altman Z'' | — | −2.77 | −6.44 | −7.21 | −5.62 | 0.67 | 0.05 |
7 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $306M | $368M | $458M | $591M | $729M | $1.0B | $1.3B |
| Gross profit | $196M | $219M | $284M | $375M | $454M | $606M | $791M |
| Research and development | $28.7M | $31.8M | $64.5M | $69.5M | $73.9M | $90.7M | $117M |
| Operating income | −$17.5M | −$8.1M | −$248M | −$259M | −$168M | −$67.9M | $5.4M |
| Interest expense | $15.5M | $16.3M | $7.0M | $7.3M | $10.9M | $7.1M | $0.4M |
| Pretax income | −$37.5M | −$52.3M | −$250M | −$281M | −$186M | −$74.9M | −$33.1M |
| Income tax | $1.0M | $0.9M | −$0.6M | −$1.5M | $1.0M | −$5.2M | −$1.6M |
| Net income | −$38.5M | −$53.2M | −$250M | −$279M | −$187M | −$69.8M | −$31.5M |
| Net income to common | −$55.7M | −$72.8M | −$257M | −$279M | −$187M | −$69.8M | −$31.5M |
| Diluted EPS | −$1.77 | −$2.23 | −$2.95 | −$2.01 | −$1.20 | −$0.38 | −$0.14 |
| Diluted shares | 0.03B | 0.03B | 0.09B | 0.14B | 0.16B | 0.19B | 0.22B |
| Cash flow | |||||||
| Cash from operations | $30.6M | $35.5M | $44.3M | $78.5M | $90.5M | $134M | $199M |
| Capital expenditure | $3.3M | $2.2M | $9.5M | $22.2M | $20.5M | $25.7M | $13.8M |
| Free cash flow | $27.3M | $33.3M | $34.8M | $56.3M | $70.0M | $108M | $185M |
| Depreciation and amortization | $34.3M | $40.1M | $45.9M | $51.9M | $51.1M | $56.1M | $72.0M |
| Stock-based compensation | $0.2M | $0.1M | $259M | $299M | $243M | $195M | $178M |
| Acquisitions | $39.0M | — | $20.1M | $9.2M | $18.2M | $55.8M | $90.3M |
| Balance sheet | |||||||
| Cash and short-term investments | $37.8M | $50.7M | $104M | $121M | $132M | $366M | $320M |
| Total debt | — | $190M | $184M | $184M | $184M | $196M | $197M |
| Current assets | — | $141M | $196M | $236M | $310M | $617M | $686M |
| Current liabilities | — | $104M | $106M | $129M | $176M | $199M | $429M |
| Property and equipment, net | — | $6.1M | $5.6M | $6.0M | $7.5M | $8.9M | $15.4M |
| Goodwill | $78.2M | $76.4M | $115M | $133M | $141M | $326M | $528M |
| Intangible assets | — | $28.6M | $41.0M | $44.4M | $48.8M | $115M | $218M |
| Total assets | — | $286M | $397M | $467M | $551M | $1.1B | $1.5B |
| Total liabilities | — | $371M | $307M | $338M | $370M | $435M | $699M |
| Shareholders' equity | −$186M | −$239M | $90.5M | $128M | $181M | $677M | $805M |
| Margins | |||||||
| Gross margin | 63.9% | 59.6% | 61.9% | 63.5% | 62.3% | 60.3% | 60.6% |
| Operating margin | −5.7% | −2.2% | −54.2% | −43.8% | −23.0% | −6.8% | 0.4% |
| EBITDA margin | 5.5% | 8.7% | −44.2% | −35.1% | −16.0% | −1.2% | 5.9% |
| Net margin | −12.6% | −14.5% | −54.4% | −47.3% | −25.7% | −6.9% | −2.4% |
| FCF margin | 8.9% | 9.0% | 7.6% | 9.5% | 9.6% | 10.8% | 14.2% |
| Returns | |||||||
| Return on capital | — | — | −115.3% | −107.2% | −56.9% | −10.6% | 0.6% |
| Return on capital employed | — | −4.4% | −85.2% | −76.7% | −44.8% | −7.4% | 0.5% |
| Return on equity | — | — | — | −255.6% | −121.5% | −16.3% | −4.3% |
| Return on assets | — | −18.6% | −73.0% | −64.7% | −36.9% | −8.4% | −2.4% |
| Return on tangible equity | — | — | — | — | — | −29.6% | −53.6% |
| Growth | |||||||
| Revenue growth | — | 20.3% | 24.5% | 28.9% | 23.3% | 38.0% | 29.7% |
| FCF growth | — | 21.9% | 4.6% | 61.6% | 24.5% | 54.4% | 71.2% |
| Share count change | — | 3.2% | 166.7% | 59.9% | 12.7% | 18.7% | 18.7% |
| Financial health | |||||||
| Net debt / EBITDA | — | 4.3x | — | — | — | — | −1.6x |
| Debt / equity | — | — | 2.0x | 1.4x | 1.0x | 0.3x | 0.2x |
| Interest coverage | −1.1x | −0.5x | −35.3x | −35.5x | −15.3x | −9.5x | 14.5x |
| Current ratio | — | 1.4x | 1.9x | 1.8x | 1.8x | 3.1x | 1.6x |
| Quick ratio | — | 1.4x | 1.9x | 1.8x | 1.8x | 3.1x | 1.6x |
| Capital allocation | |||||||
| Capex / revenue | 1.1% | 0.6% | 2.1% | 3.8% | 2.8% | 2.6% | 1.1% |
| Stock comp / revenue | 0.1% | 0.0% | 56.5% | 50.6% | 33.3% | 19.4% | 13.6% |
| Quality scores | |||||||
| Piotroski F-score | — | — | 5.0 | 6.0 | 5.0 | 5.0 | 5.0 |
| Altman Z'' | — | −2.8 | −6.4 | −7.2 | −5.6 | 0.7 | 0.1 |
| Accruals ratio | — | −31.0% | −86.0% | −82.8% | −54.7% | −24.5% | −17.6% |
Source: SEC EDGAR XBRL filings (CIK 0001851003). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.